Bureau of Economic Analysis

Survey of Current Business

Table of Contents February 1997

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Transactions between affiliated units of multinational companies
(MNC’s)
account for a major share of U.S. international trade in goods—for more than
one-third of U.S. exports in 1994 and for more than two-fifths of U.S. imports. For
both exports and imports, this intrafirm trade has mainly consisted of shipments
from parents to their affiliates
rather than shipments to parents from their affiliates.
By industry, most of the intrafirm trade of U.S. MNC’s
has been between U.S. manufacturing parents and their foreign manufacturing affiliates,
and most of the intrafirm trade of foreign
MNC’s has
been between U.S. wholesale trade affiliates
and their foreign parent groups.

Regular features

Real GDP increased 4.7 percent in the fourth quarter of 1996 after
increasing 2.1 percent in the third quarter; the acceleration
was more than accounted for by a sharp turnaround in exports and by a pickup in
personal consumption expenditures. The price index for gross domestic purchases
increased 2.5 percent after increasing 1.9 percent; the step-up wasmore than accounted
for by an upturn in energy prices.

Personal income in the Nation increased 1.4 percent in the third quarter of 1996. In all
States, the increase in personal income exceeded the 0.4-percent
increase in the prices paid by U.S. consumers. Nevada had the largest increase
in personal income, 2.3 percent, and Alaska had the smallest increase, 0.6 percent.

Real Gross Product of Foreign Affiliates
of U.S. Companies. An upcoming issue of the SURVEY will contain an article that
presents and analyzes estimates of real gross product of U.S. companies’
majority owned affiliates
in manufacturing for 1982–94.
These estimates, which BEA has prepared for the first time, have been
adjusted to remove the effects
of changes in prices and in exchange rates.